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Pre-owned bike online marketplace CredR to raise $15 mn

NEW DELHI: Online pre-owned bike marketplace startup CredR expects to close raising of USD 15 million (around 95 crore) this month to fund its expansion and technology upgradation.

The company, which is seed funded by Snapdeal Founders Kunal Bahl and Rohit Bansal and K Ganesh's growth story is aiming to have presence in 15 cities by March, up from four at present.

"We are in the process of our next round of funding from some marque investors. We hope to close it by this month," CredR co-founder Sumit Chhazed told.

He, however, declined to identify the investors citing confidentiality clause. Chhazed said the funds would be used for technology and scale up presence. "Our target is to have presence in 15 cities by March 2016. We are present in Mumbai, Pune, Bangalore and Delhi," he said.

On technology front, he said: "We are working on new technology for bike inspection and a pricing methodology which will give more accuracy and acceptance among customers."

Elaborating on the company's future plans he said: "We are targeting about 1,000 transactions a day by March 2016 that will result to about Rs 100 crore of GMV (gross merchandise value) on monthly basis."

Since its incorporation in February this year, CredR has had 2,000 transaction so far with a GMV of about Rs 8 crore, he added.

In order to provide more services to its customers, CredR will also offer a reserve bike feature that helps buyer to block his chosen bike for 48 hours with free warranty and road side assistance. It will be launched in Delhi this month.Source: EcoAuto